MetLife Asia Affiliate Trials Blockchain Insurance Product

This aggregated story was originally published on this site. Follow the link in the word Story at left to read the full article.

LumenLab, an affiliate to insurance giant MetLife’s Asia bureau, has successfully trialed a blockchain-powered insurance product to offer financial protection to pregnant women with a risk of gestational diabetes. According to a news release published Monday, the product, dubbed “Vitana,” will connect its customers’ electronic medical records to their mobile devices to issue a policy in just a few minutes using a blockchain platform. The system will also make automatic payouts should a customer receive a diagnosis, without requiring customers to file a claim for benefits. Vitana will be dedicated to women with gestational diabetes, a condition that affects up to one in five expectant mothers in Singapore, where LumenLab is based. Zia Zaman, MetLife’s chief innovation officer in Asia and CEO of LumenLab, said in the release: “In today’s world, people expect experiences to be simple, automated, and digital. We saw an opportunity to test how blockchain can